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CHAIRMAN%u2019S REPORT 11Guardian Media is still in the process of implementing fundamental structural changes to transform its operations from a traditional media house to a multi-media house. We are midstream in this process and progress to date is in line with plan. Until we are fully equipped for the digital media landscape and investments are fully deployed in revenue generation, losses will be incurred. Our core business of advertising revenue continues to be impacted by a signifcant contraction in advertising spend by businesses and state organizations due to the challenging economic environment. As the digital market grows globally, advertising revenues from traditional media continued to shrink due to shifts in advertising spend as well as changes in customer preferences in consuming media. Notwithstanding this, Guardian Media is starting to see the results of fundamental structural changes put in place over the past two years, and the continued emphasis on product enhancement, sales excellence, cost containment and employee engagement. The Company is expected to be fully equipped for the digital media landscape in the latter part of 2019. I remain confdent that this will position the Company to navigate the challenging market environment and return to proftability. Results for the full year report revenues of $128 million ($138 million %u2013 2017) refecting a decline of 7% whilst a before tax loss of $962 thousand ($2.2 million loss %u2013 2017) was incurred. The Company%u2019s results benefted from a yearover-year decline in operating expenses of 22% due to the prior year%u2019s investments in efciency improvements and internal restructuring. Balance sheet metrics remain healthy and our capital levels provide us with the strength to endure challenging times as well as to invest in the future. As we continue to pursue our strategic priorities, the Company recorded some signifcant successes this year and I remain confdent about the Company%u2019s future. Guardian Media successfully broadcasted FIFA World Cup in High Defnition. Following this, we successfully brought the 2018 Hero CPL T20 Caribbean Premier League to our audiences. The remaining three digital billboards of our ffteen state-of-the-art billboards were fully commissioned in 2018 thereby expanding our multimedia base. Digital successes to date include wider reach to our audiences through 1.2 million connections daily. Signifcant work was done on the integration of our newsroom and to improving the quality of our diverse product oferings. We completed our %u2018Print Optimisation%u2019 plan with implementation of AProft and CProft in 2018. This has increased business efciencies, lowered operational costs, streamlined and integrated workfows and enhanced functionality to the Print Publishing Division. On September 03, 2018, Guardian Media successfully relaunched the Trinidad & Tobago Guardian%u2019s Website and our Digital Guardian App. These relaunches were in celebration of our 101st anniversary on September 02, 2018. We launched our recycling initiative GML GO GREEN as we deepened our Corporate Social Responsibility activities. Guardian Media looks forward to 2019. Key strategic priorities in 2019 include improving content and customer service as well as investing in our people and information systems. We will continue our focus on enhancing the competitive appeal of our portfolio of brands in Print, TV, Radio and Digital to align with our changing customer needs, while closely managing controllable expenses. These investments will position Guardian Media to provide new and creative product oferings to continuously diferentiate itself as the market grows more competitive. Our bundled services ofer our clients the right mix of platforms, incorporating all aspects of both traditional and digital media through our diverse brand portfolio of seven radio frequencies, publisher of the Trinidad Guardian and Sunday Guardian, ffteen digital billboards, a leading TV station and a growing digital portfolio.Enhancing shareholders%u2019 value and capital preservation continue to be the core thrust of our operations. Given the loss position and that the Company is not yet fully positioned for the digital media landscape, the Board is not recommending a fnal dividend payment in respect of the fnancial year ended 31 December 2018. Guardian Media believes in delivering shareholder value while exercising appropriate stewardship over its resources and to this end, dividends payments will resume once the Company returns to proftability. Interim dividend paid of $0.10 per share ($0.10 %u2013 2017) brings the total 2018 dividend to $0.10 per share ($0.60 per share - 2017).There were no changes to the composition of your Board during the fnancial year 2018. I would like to thank the Board of Directors for their contribution during the year. My sincere gratitude goes to our loyal management team and employees for their unrelenting commitment and dedication to Guardian Media. We look to all our shareholders to lend us their continuous and unwavering support as we leverage on all opportunities and overcome all challenges to ensure a strong and sustainable future for all. Peter Clarke Chairman